Ultra Petroleum (UPL) made rapid progress on the development of the Marcellus Shale during the second quarter of 2011. Here are some highlights from the quarter:
- Participated in 50 gross or 23 net horizontal wells.
- Operating ten rigs in the Marcellus Shale.
- Six month Marcellus Shale total is now 81 gross or 39 net wells, and cumulative total since entering play in 2009 is 235 gross or 133 net wells.
- Net production averaged 106 million cubic feet of natural gas equivalents per day – 16% sequential and a 320% year over year increase.
- During July 2011, net production hit 131 million cubic feet of natural gas equivalents per day.
- Total inventory of 110 gross or 53 net wells either waiting on completion or awaiting pipeline connection in the Marcellus Shale.
- Total production in 2011 from the Marcellus Shale is estimated at 40 Bcf.
- Lycoming County EUR’s increased from 5.0 Bcfe to 6.3 Bcfe.
- Tioga County EUR’s increased from 3.75 Bcfe to 4.25 Bcfe.
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